Waseco Resources Inc. - News Release

Uranium Exploration Update

Waseco Resources Inc. "WRI" TSX-V
February 15, 2006 News Release

February 15th, 2006 - Following a presentation to Waseco management by McPhar Geosurveys Ltd. (“McPhar”) on the geophysical surveys and their interpretation of five (5) projects in the Quebec Labrador Trough, Waseco Resources Inc. has staked an additional 35 claims, covering approximately 1,675 hectares.

The programs consisted of ground gravity and airborne radiometric and magnetometer surveys at a cost of over $275,000. As previously reported, McPhar has identified 55 targets on the 5 Blocks. These targets consist of:

27 uranium anomalies (25 high priority, 2 moderate);
21 magnetic anomalies (17 high priority, 1 moderate, 3 low priority);
7 uranium bolder anomalies;

Of these, 12 of the uranium anomalies occur on Block I, and most occur within a shear zone that extends over 7.5 km on the property associated with the Argencourt Fault. In addition, the original reported showings (# 181, 185, 187, and 188, the former two also associated with the shear zone) correspond to showings identified by Eldorado Nuclear in 1979 (catalogued by the Ministry of Energy and Natural Resources of Quebec) and also warrant further follow-up.

In addition, 7 magnetic anomalies are within this Block and are at or near surface and consistent with a vertical pipe-like intrusion and hence may be kimberlitic in origin.

Rob Hearst, P. Geoph., General Manager of McPhar and a Qualified Person under Policy 43-101, has recommended detailed geological mapping, heavy mineral sampling for diamonds and kimberlite indicators in the circular magnetic anomalies and detailed electromagnetic surveys for conductive sulphide deposits containing copper and gold and/or uranium.

Each of the other 4 properties also contains high priority uranium anomalies. Compilation of the historic geological and geochemical data on the 5 properties is ongoing and further news releases will be made in the normal course.

Waseco’s Blocks I, II and III are currently under option to UMC Energy plc., an AIM listed company, that has the option to expend $800,000 by December 31, 2006 to earn a 75% interest. Blocks IV and V, as well as subsequently staked claims, are 100% owned by Waseco.


Richard Williams

Contact: Richard William
     tel: (416) 364-3123
     e-mail: Blackwell@tcn.net
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